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Rocky Mountain Bank Review

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by Gabe Rueda Updated July 11, 2019 We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure

Rocky Mountain BankSavings

0.03%APY

SmartAsset's Overall Rating

3.8/5

Rates

2.8

Fees

4.1

Service Quality

3.4

Financial Health

4.7

Key Highlights

Overview

Rocky Mountain Bank first started operating in 1970 and has its headquarters in Billings, Montana. It manages $487 million in assets as well as $424 million in deposits, which makes it a medium-size bank. Rocky Mountain Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 3.8 stars out of 5, Rocky Mountain Bank should be near the middle of the pack in your search for a bank. Rocky Mountain Bank provides customers with a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Rocky Mountain Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's standard checking account does not have a monthly maintenance fee. Banks that offer free checking and a high interest rate savings account are your best bet for getting the highest income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.8/5

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

When a component rating is unavailable, the overall rating is calculated as an average of the remaining available ratings.

Rates

The Rates rating represents an aggregate of interest rates for specific bank products measured against the national average interest rate for each product. Product interest rates may vary by branch. Rates shown reflect the highest available nationwide.

Fees

The Fees rating is an assessment of the bank's fees measured against the national average fee amount for particular services and is also affected by whether or not the bank refunds ATM fees.

Service Quality

The Customer Experience rating is a weighted average of the Mobile Rating and the Consumer Satisfaction Score, which is based on complaints brought to the Consumer Financial Protection Bureau (CFPB).

Financial Health

The Financial Health rating is based on the Texas Ratio, an indicator that warns of credit problems at particular banks: anything less than 5% is considered Excellent; less than 20% is Very Good; less than 50% is Good; less than 90% is Fair; and over 90% is Poor.

Rates

2.8

SmartAsset Average: 3.5

Rocky Mountain Bank features a savings rate of 0.03%, which is poor in comparison to the average U.S. bank. Its one-year CD has a rate of 0.25% and the five-year CD earns at a rate of 1.05%, while its highest-yielding money market account earns at an APY of 0.03%. Given Rocky Mountain Bank's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Rocky Mountain Bank's Savings Rates Compare

Fees

4.1

SmartAsset Average: 4.4

Rocky Mountain Bank has typically average fees in comparison to the average U.S. bank. With no monthly fee, Rocky Mountain Bank is perfect for those who want a basic banking experience. For those who frequent the ATM, Rocky Mountain Bank is not great because it has an out-of-network ATM fee of $2.50, which is less than great in comparison to the average U.S. bank. Additionally, Rocky Mountain Bank has an overdraft fee of $35.00, which is on par with the national average overdraft fee. Rocky Mountain Bank unfortunately does not refund out-of-network ATM fees, meaning you will need to find a Rocky Mountain Bank ATM or eat the withdrawal fee.

Service Quality

3.4

SmartAsset Average: 3.7

Rocky Mountain Bank is a brick-and-mortar bank, with 10 total branches in Montana. With mobile and web apps, Rocky Mountain Bank makes mobile banking easy, even on the go. Rocky Mountain Bank's online and mobile banking services get poor marks from customers. With 43 customer reviews across Apple and Android platforms, the Rocky Mountain Bank mobile app has an overall rating of 3.0 out of 5 (compared to the national average of 3.8). You can access Rocky Mountain Bank's mobile app to manage your accounts by reviewing monthly statements, sending and receiving funds and accessing support representatives. Rocky Mountain Bank gets an outstanding consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Financial Health

4.7

SmartAsset Average: 4.8

Rocky Mountain Bank is currently a medium-size bank with assets totaling $487 million as well as deposits totaling $424 million. Its Texas Ratio is 7.42%, indicating a small possibility of failure. Additionally, Rocky Mountain Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.42%

High Risk75%50%20%10%Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Rocky Mountain Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Rocky Mountain Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Rocky Mountain Bank's CD rates are fair in comparison to the average U.S. bank.